From an address made by the President of the United States in regards to the Oil Spill in the Gulf of Mexico.
Tomorrow, I will meet with the chairman of BP and inform him that he is to set aside whatever resources are required to compensate the workers and business owners who have been harmed as a result of his company’s recklessness. And this fund will not be controlled by BP. In order to ensure that all legitimate claims are paid out in a fair and timely manner, the account must and will be administered by an independent third party. [Whitehorse.gov]
First some facts. BP Oil is not a US company, it is a UK based company. The oil rig is 50 miles off of the US coast, which puts it outside of US territorial or Contiguous zones.[*]
Having said that, what RIGHT does the President have to inform a NON US company that it has to spend its money a certain way?
What RIGHT does the President have to give that money to a third party for control?
Turn the table. How would the US President and a US company respond to another country informing us what we must and will do.
Don’t get me wrong, I think that the Oil Spill in the Gulf is a bad thing, and needs to be cleaned up. But I don’t think that the US President has any right to tell BP Oil how to handle the cleanup, and force them to pay individuals. Heck, why not just make them give the money to Fanny Mae or Freddie Mac, we know how well they keep track of money.
I guess one way to make sure the US stays competitive, is to force a competitor out of business.